Car Rental Market Trends and Analysis by Traveler Types, Product Developments, Challenges, Opportunities and Case Studies, 2023 Update

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Published: December 22, 2023 Report Code: GDTT-IR23-10-ST

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Car Rental Market Trends Report Overview

The car rental market size was $74.5 billion in 2022. The car rental sector has undergone a substantial transformation over the past few years. The rise in demand for rental cars can be attributed to technological advancements and evolving consumer preferences.

Car Rental Market Outlook, 2022-2027 ($ Billion)

Car Rental Market Outlook, 2022-2027 ($ Billion)

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The car rental market research report provides a detailed overview of key market trends and leading players active in the car rentals industry region-wise to understand future business opportunities. The key themes, sector deals, challenges, and opportunities covered in the car rental thematic report are crucial for businesses to further evaluate their growth chances. In addition, the car rental market outlook also comprises data on the latest mergers & acquisitions, which is critical for effective business decision-making.

Market Size (2022) $74.5 billion
Forecast Period 2022-2027
Key Themes ·        ESG

·        Sharing Economy

·        Online Travel

·        Electric Vehicles

·       Mobile Payments
Key Regions ·        The Americas

·        Europe

·        Asia Pacific

·        Middle East

·        Africa
Key Companies ·        Enterprise Holdings Inc

·        ALD SA

·        Hertz Global Holdings Inc

·        Localiza Rent A Car SA

·        Europcar Mobility Group SA

·        Sixt SE
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Car Rental Market – Key Themes

Several key themes are shaping the trajectory of the car rental industry. These themes are instrumental in understanding the dynamics and trends within the industry. A few of these themes include the sharing economy, ESG, and autonomous vehicles among others.

Sharing Economy: The advent of the sharing economy has significantly impacted various sectors, and the car rental industry is certainly not immune to its effects. Peer-to-peer platforms such as Turo and Getaround are disrupting the conventional rental industry by providing travelers with a broader selection of vehicles at potentially more affordable rates. This trend has gained significant traction, especially among the younger demographic, characterized by their inclination toward sharing and prioritizing experiences over material possessions.

Car Rental Market Themes

Car Rental Market Themes

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Car Rental Market Segmentation by Region

The Americas led the global car rental market in 2022 with the US emerging as the leading country

The key regions analyzed in the car rental market report are the Americas, Africa, APAC, Europe, and the Middle East. In 2022, the Americas emerged as the global car rental leader. The rising technology use and surging demand for car rentals in the US are enabling the region to maintain its leading position in the worldwide car rental market.

Americas Car Rental Share by Country, 2022 (%)

Americas Car Rental Share by Country, 2022 (%)

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Car Rental Market - Competitive Landscape

The major car rental companies are:

  • Enterprise Holdings Inc
  • ALD SA
  • Hertz Global Holdings Inc
  • Localiza Rent A Car SA
  • Europcar Mobility Group SA
  • Sixt SE

Enterprise Holdings Inc (Enterprise): The company provides car rental services. Its service portfolio includes car rental, car sharing, van-pooling, car sales, truck rental, online ride-matching, and fleet management services. The company operates through brands such as Enterprise Fleet Management, Enterprise Car Sales, Enterprise Truck Rental, Enterprise CarShare, Exotic Car Collection by Enterprise, Enterprise Car Club, Enterprise Flex-E-Rent, Enterprise Rent-A-Car, Commute with Enterprise, National Car Rental and Alamo Rent A Car. It operates in several countries across North America, Central America, South America, the Caribbean and Europe, Asia-Pacific and the Middle East. Enterprise is headquartered in St. Louis, Missouri, the US.

Leading Car Rental Companies by Revenue, 2022 (%)

Leading Car Rental Companies by Revenue, 2022 (%)

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Car Rental Market Segments

Car Rental Regional Outlook (Value, $Billion, 2022-2027)

  • The Americas
  • Africa
  • APAC
  • Europe
  • The Middle East

Scope

GlobalData’s Key Trends Report “Key Trends in Car Rental”, looks at the different types of car rental products, current key trends within the industry, business models and strategies and the impact of COVID-19. In addition this report includes case studies, new product developments, and challenges and opportunities within this space.

Key Highlights

In the car rental market, the year 2022 can be characterized as a narrative of unwavering determination and strategic adaptation. Following the widespread impact of the pandemic in 2020-21, the industry experienced a notable resurgence, driven by a renewed sense of adventure and an overwhelming craving for unrestricted travel experiences.

Although the market did not fully recover to its pre-pandemic levels, it displayed a noteworthy resurgence, demonstrating a projected Compound Annual Growth Rate (CAGR) of 30.3% (2020-2022). The car rental sector has undergone a substantial transformation over a period of time.

It has seen a rise in demand for rental cars, primarily driven by technological advancements and evolving consumer preferences. In the contemporary market, consumers are actively seeking out car rental companies that exhibit a high level of efficiency in order to effectively address their transportation requirements.

Reasons to Buy

Gain an insight into the car rental industries leading players.

Understand how they have adapted to the threat of COVID-19.

Understand the key traveler types car rental companies can look to attract.

Look at the key product developments and why they appeal. Gain a detailed understanding of the key trends, issues and challenges facing car rental operators

Hertz
turo
SIXT
Lyft
Uber
Didi Chuxing
Avis
Enterprise Holdings
Alamo
National
Advantage
Greenmotion

Table of Contents

Snapshot

Market Trends and Themes

Disruptor

Leaders

Mergers and Acquisitions

Challenges and Opportunities

Appendix

Frequently asked questions

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